Morgan Stanley's US stock chief sees more than 20% downside coming for the S&P 500 and warns of an earnings recession on banking sector turmoil
Morgan Stanley forecasts a downturn coming for US stocks, with the S&P 500 dropping over 20% later this year amid a looming earnings recession and fallout in the banking sector.
But along the way, he still expects the gauge to hit a trough of 3,000-3,300 for this cycle, representing a decline of more than 20%.on Thursday. The slew of bank failures in March and subsequent contagion fears, however, don't bode well for corporate earnings.
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